All Forum Posts by: Evelyn Roper

I am just starting but my advice would be to save!  Save more than you think you will need because it feels better to have a cushion.  You won't have to worry about how to overcome every little financial set back that comes your way.  I think it is better to start small than to over leverage from the start and build a house of cards that one overlooked expense can cause to tumble.  Things will come up.  Be prepared!  Build a strong foundation.  Through education and also with your finances. 

Marquell, foreclosures usually require cash funding from everything I have ever heard or read.  If you wanted to purchase it, your best bet would be to contact the listing agent and make an offer.  Often, the reos in my area,are funneled through one certain realtor.  I did make an offer on one but the listing agent told my agent it was already under contract even though it was still listed on Zillow.  The possible price of $137 sound pretty fair if it is in good condition and the comparables are $200.  The price is fair but not great.  If you had any rehabbing to do or any major capex items it could get expensive pretty fast.  The thing I don't like so much about foreclosures is (in my area) we usually don't get a chance to go inside to look over the house.  We just have to make our best guess looking through Windows, lol.  Hard to get a good idea of what is needed because 1) can't tour property 2) bank doesn't have the same knowledge of the property that you can get from the seller.  I know plenty of people make money off of them but so far, I haven't had much luck.  It isn't my niche right now but maybe one day, I will get into it.  Hoping others have more wisdom to offer.

Rental HQ posts often on craigslist.  They seem to have really good prices on vanities and miscellaneous items.  I haven't been there yet but plan to stop in when I am in the city  to see what the have in stock.  I think it is an overstock, "seconds" and discontinued items store.  I saw a nice looking 36" vanity with top for $250.  Much cheaper than Lowe's would sell something similar for.  I think it is around I-240 on the Southside.  You can find them under the "materials" section on cl.

@Donald Hendricks Are you certain that you wouldn't buy there?  The reason I ask...There is a 1600 sqft house listed on hudhomestore right now for $35,000.  The town does have low property values, even for Oklahoma.  IF you spent 35K (plus a little rehab) on a house and lived there 2 years, improved it and sold, you might be able to come out further ahead than renting someone else's property?  I have no idea about the neighborhood but it is a brick home and looks decent from the outside.  It is on NW47th street.  I am not a realtor, just an avid watcher of the market all over Oklahoma.  Property values in Lawton are low, low, low.  It looks like the rental market is fair.  You could probably get at least 800 a month for that house after repairs.  Not that I am advocating you should buy if you are uncomfortable with it, just a thought.  I was browsing online today and saw it so thought I would mention it. Good luck and welcome to Oklahoma!  PS- I was born in that town when my dad was stationed at Ft. Sill in the 70s.  Haven't been there since that I can recall :)

Ps - I don't see your mortgage payment taken out?

I would try to get contractors in there to check out the roof and foundation issues.  That may be one of the reasons it has been on the market for so long.  Buyers are always scared of roof and foundation issues. It may be a relatively simple fix or it may be a deal breaker.  A trusted contractor would know for sure.  Will the listing agent allow you another walk through with a licensed contractor?  I think that would be my next step.

Watch out for the HOA fees! Some of them can be really high so be aware of how it affects your ability to cashflow.

I am not sure if this applies but I have heard others talk about sub2.  Basically, purchasing the property while keeping the liens in place. You just take over the payments (catch them up before foreclosure).  This works well for the seller because they don't have a foreclosure on record and while you make payments, their credit is repaired. Look up sub2 (and subject to) in the search box and find some more info about it.  I hope others more experienced will chime in as well :)

I plan to look on craigslist, zillow and my local newspaper classified ads to see what other properties are renting for and then price mine accordingly.  Hotpads is another site I have heard people mention.

I too think it is a personal choice that will depend upon where you are in your investment strategy.  If you are wanting to add more properties, it probably makes sense to pay the regular payment and save additional cash for other opportunities.  If the interest rates on your loans are high it might make more sense to add extra principal.  Even $50 a month can reduce your interest greatly over the life of the loan.  I always paid additional principle because my interest rate was high.  Since I refinanced to a much lower rate, I am leaning toward paying a smaller amount to extra principle each month to save the rest for an additional purchase.  You can find great calculators at bankrate.com that will help you see how even small additional payments can reduce the life of your loan.  (Bankrate.com, calculators, show amortization schedule, then add in extra payments either monthly, yearly, or one-time, to get your payoff date)  Play with the numbers, decide what your goals are and see what works out best for you.